Commodity-linked structured products remain a niche segment globally, but there is rising demand for gold exposure.

Commodity-linked structured products accounted for an estimated 1.5% of global structured product sales in 2025, up slightly from 1.4% in 2024 and three times higher than the 0.5% market share recorded in both 2021 and 2022. Although commodities remain a niche underlying compared with equities, interest rates and multi-asset strategies, the asset class has enjoyed a sustained revival over the past five years. Global sales volumes increased steadily throughout the period, with growth significan